Forex-Metal Daily Analysis -31/05/2011

The New-Zealand dollar hits record-breaking maximum.

Asian and European trading sessions:
New-Zealand Dollar: New-Zealand dollar demonstrated a record-breaking maximum against the greenback. New-Zealand trade balance hit a record NZD 1.113 billion on Sunday, which pushed the national currency on Monday.
Euro: EUR/USD pair showed minimums of the $1.4255 mark. Euro was under pressure on Monday, as concerns over the deteriorating European situation with the Euro-zone budget, had a negative impact on the euro. The Prime Minister of Greece, George Papandreu, insisted on the approval of additional measures aimed to reduce the budget deficit.
During the European trading session the EUR/USD showed temporary rehabilitation and reached the $1.4284 mark.
US Dollar: The greenback continued its weak dynamics during the morning trading, but managed to rehabilitate a little against the pressured euro.
British Pound: GBP/USD tested the range of $1.6460- $1.6450.
Japanese Yen: The USD/JPY pair traded in the range of Y80.75- Y80.90. Japanese yen was supported as a save-heaven against the background of the weakening euro.
Oil: Oil traded on Monday around the $100.43 level per barrel.
Gold: Gold rate increased over the concerns of the European problems, and hit the $1539 maximums per ounce.

American trading session:
US Dollar: American and UK financial markets are closed today, due to the celebration of the national holidays.

Technical analysis for 31/05

The pair has found support at 1.39600 and aiming to 1.44400.
The pair has broken daily channel and aiming to 1.39600.
Resistance: 1.44400, 1.46222, 1.4732
Support: 1.42996, 1.41780, 1.40690
The pair has grown up to 1.65706. If this level is broken the pair will rise to 1.67165.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
The pair has declined to the channel line at 0.84685. This level may give support and the pair may roll back to 0.85939.
Resistance: 0.85939, 0.87214, 0.88418
Support: 0.84685, 0.83541, 0.82483
The pair is aiming to Moving Average (100) 82.219. If this level is broken the pair will rise to 83.065.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
The pair has risen to 1.07005. If the pair closes below this level the pair will decline to 1.06164.
Resistance: 1.07005, 1.07739, 1.08413
Support: 1.06164, 1.05332, 1.04407